10-29 Part 2

Question 1

Change in movement along the demand curve - only thing that changed is the price of the product

Answer 1

Change in quantity demanded

Question 2

Part of change in the quantity demanded due to a change in the buyers real income

Answer 2

Income effect

Question 3

Change in quantity demanded due to a price change that makes other products more or less costly

Answer 3

Substitution effect

Question 4

Other factors change while the price remains the same - people may buy different amounts of the product at the same prices

Answer 4

Change in demand

Question 5

Products that increase the use of other products

Answer 5

Complements